First-responder Credit Union Newsroom

I just wanted to remind everyone that you are not alone when you're a member of The National Council of Firefighter Credit Unions Inc (NCOFCU) . Our national leadership, nationwide members, business partners , and other NCOFCU-associated credit union industry leaders are here for you. The NCUA approved 58 mergers in the third quarter, according to the federal agency’s Q3 Merger Activity and Insurance Report. This quarter’s number of mergers approved was considerably higher when compared to the 43 consolidations during 2021’s third quarter and 34 during the same quarter in 2020. In the first three quarters of 2022, 134 consolidations have been approved by the federal agency, compared to 117 last year and 93 in 2020. I anticipate that the credit union industry will see an acceleration of mergers in 2023, mainly for credit unions with less than 500 million in assets impacted by no succession planning, low to no membership growth, the rising cost of compliance, and Cybersecurity. If ...

01/04/2023 CUToday DETROIT–With credit unions continuing to post record loan numbers, and with CUs cumulatively the largest auto lender in the U.S., U.S. auto sales are projected to total 13.7 million vehicles in 2022, the lowest figure in more than a decade and an 8% decrease from 2021, according to a joint forecast by J.D. Power and LMC Automotive. Prior to the pandemic, auto sales were approximately 17 million units annually. As 2023 gets underway, some supply chain issues have now been addressed and employment remains strong, which should be make for a rebound, but higher interest rates and higher prices are combining to mute sales. The forecast for the new year remains mixed, according to analysts...

SFDEFCU, a $123 million-asset institution in Syracuse, New York, announced that Bowering, who has been with the credit union for 22 years and was most recently its director of operations, took on the leadership roles Tuesday.  "After an extensive search, the board of directors is pleased to announce the appointment of Ms. Bowering to this position. … She brings a wealth of knowledge and experience to our credit union," Charles E. Boynton, chairman of the board of directors at the credit union, said in a press release Tuesday. Roxane Bowering has been with Syracuse Fire Department Employees Federal Credit Union for more than 22 years and most recently held the title of director of operations. The credit union provides financial services to firefighters, Syracuse Police, City of Syracuse employees, Syracuse Department of Public Works, and others.

 Learn two key steps toward enabling the digital lending experience that consumers increasingly demand. By Ashley Wood | December 30, 2022 It’s no secret the mortgage industry has seen more than its fair share of ups and downs over the past two years. Now, as lenders navigate an increasingly uncertain market amid rising interest rates and a potential recession looming, they’re also tasked with preparing for a new wave of younger homebuyers and changing consumer demands. As millennials and Gen Z enter the market – accustomed to near-instant e-commerce transactions in an increasingly digital world, having grown up with smartphones, computers, tablets and constant access to technology right at their fingertips – they’re bringing with them a new set of expectations about the lending experience. A recent report from National Mortgage News showed that while 64% of baby boomers say they are satisfied with the amount of time their home buying transactions...

 Even as new listings decline, inventory is on the rise because homes are taking longer to sell. By Prashant Gopal | December 30, 2022 CU Times Mortgage rates in the US rose for the first time since mid-November. The average for a 30-year, fixed loan was 6.42%, the highest since early this month and up from 6.27% last week, Freddie Mac said in a statement Thursday. Borrowing costs tracked 10-year Treasury yields, which climbed after a report showed that a consumer-price gauge the Federal Reserve watches closely continued to cool. Inflation is still higher than the central bank would like, and wage growth is stubbornly robust, meaning the Fed’s policy of interest-rate hikes is likely to continue into the new year. For would-be homebuyers, mortgage costs are more than double what they were a year ago and “remain a significant barrier to successfully closing transactions,” said George Ratiu, head of economic research at Realtor.com. Purchases have been declini...

NCOFCU’s National Board of Directors Chairman:  Michael McCormick V. Chair. San Diego Firefighters FCU  1st V. Chairman:    David Lantrip Director Houston Firefighters FCU 2nd V. Chairman:  Brian Kurzel V. Chair. Charlotte Fire Dept. CU Treasurer:  Gene Benick Newark Firefighters FCU Secretary:  Andy Doyle Director F&A CU Directors:   Bonnie Sensing Exec. Admin. Nashville Firefighters CU , Michael Tobler Chairman NY Firefighters Bravest FCU,  John Cowin Chairman Syracuse Firefighters CU,  Al Comeaux Chairman Baton Rouge CU ,  Associate Directors:  Johnny Player Treasurer of Akron Fire Police CU, Marc  Sanders  Director of Boston Firefighters CU, Bob   Whitaker  Director of Baton Rouge Firemen's CU. Staff:  Grant Sheehan CEO   305-951-3306 See you in Clearwater Beach, FL 10/3-6/23    

12/28/2022  NEW YORK–Credit unions are getting some national attention for their rates on auto loans. Under the headline “Auto-Loan Interest Rates are Skyrocketing: No One Told Credit Unions,” the Wall Street Journal noted credit unions charged an average interest rate of 5.94% for used cars in third quarter, while banks were charging an average rate of 8.36%. “Auto lending is a bread-and-butter business  for credit unions , and it isn’t unusual for them to beat the competition. But the extent to which they are doing so  when rates are rising  and other lenders are pulling back is drawing attention across the consumer-lending markets,” the Journal stated. The gap between the CU average of 5.94% and the bank average of 8.36%--whic...

12/28/2022 CUToday WASHINGTON–The National Association of Realtors has released its forecast for home sales in 2023, including identifying the top real estate markets it said deserve to be watched, where rates are headed and what will happen with rents. Lawrence Yun, the NAR’s chief economist and senior vice president of research, is forecasting  4.78 million existing homes will be sold, that prices will remain stable, and that Atlanta will be the top real estate market to watch in 2023 and beyond. Yun offered his forecast during NAR's fourth annual year-end Real Estate Forecast Summit. Yun is predicting home sales will decline by 6.8% compared to 2022...

Despite the attractiveness of their dividend yields, there are risks and limitations to what preferreds can do for a portfolio. By Matthew Butler | Source: Shutterstock. To bolster investment yield, many credit unions hold preferred stocks as part of their employee benefits pre-funding portfolios, but preferred stocks aren’t for everyone, and credit unions should be leery about having these securities in their portfolio. Despite the attractiveness of their dividend yields, there are risks and limitations to what preferreds can do for a portfolio, and the high yields they offer aren’t sufficient to justify investing in these securities. What Is a Preferred Stock? Preferred stocks are a class of equities that sit between common stocks and bonds. Like stocks, they pay a dividend that the company is not contractually obligated to pay. Like bonds, their dividends are typically fixed and expressed as a percentage rate. Preferred shareholders receive prefere...

Author: Bo McDonald Last week’s blog featured one of the most common questions we’re asked when a credit union engages us in a strategic marketing relationship: How long until this stuff starts working? I realize, you probably need more perspective surrounding those questions regarding the speed of effectiveness of your credit union marketing plan . Many factors can impact the answer to that question. However, the answer “immediately” comes with the proper execution of digital marketing. The question behind that question is, “but how much will it cost?” If a potential member types your credit union name into a Google search, congratulations! You have already won their heart. They have chosen you as their preferred provider and are trying to connect. This means you will enjoy an extremely low cost-per-click with a high conversion rate. But if they type the name of your competitor into the...